PENGARUH LIKUIDITAS, SOLVABILITAS, DAN PROFITABILITAS UNTUK MENGETAHUI KONDISI KEUANGAN YANG BERDAMPAK TERHADAP PREDIKSI FINANCIAL DISTRESS PADA PT BAKRIE & BROTHERS, TBK DAN ANAK PERUSAHAAN

Abstract

ABSTRACT
Financial distress is a condition experienced by the company caused by several
factors, namely liquidity, solvency, and profitability. This study was conducted to determine
the effect of liquidity, solvency, and profitability of the financial distress prediction in
PT.Bakrie & Brothers, Tbk and subsidiaries as a result of inability of the company to pay off
debt and suffered losses several times in the period 2003-2012. The results showed liquidity,
solvency, and profitability in poor condition. This condition is reinforced by the results of the
analysis by using EVA, MVA, and Z”-Scores methods. Hypothesis testing using the F test
shows F count > F table (8,583 > 2,866) means liqudity, solvency, and profitability
simultaneously affect the prediction of finacial distress. While testing the hypothesis using the
t test showed the value of the current ratio (2,359 > 2,028) and debt to total assets ratio
(4,730 > 2,028) where t count > t table which means the effect on the interest covarege ratio,
meanwhile for the return on invesment –t count < -t table (-1,150 < -2,028), which means
affect too the interest covarage ratio.
Keywords : Liquidty, Solvency, Profitability, Financial Distress, Current Ratio, Debt To
Total Assets Ratio, Return On Invesment, Interest Covarage Ratio.